Anchorage, Alaska’s Steep Hill has been forced to suspend operations after Wells Fargo bank called in the loan on the company’s building because they are a cannabis-related business. The closure leaves just two labs to test cannabis products for the entire state.

“We are sorry to announce that Steep Hill Alaska will be suspending cannabis testing operations on March 31, 2018. We have to relocate because Wells Fargo called in the loan on our building. They will foreclose if we do not move out — just because we are a cannabis business! We are looking for a new home and would be interested to hear of any potential locations. We are grateful to have served the Alaskan community for the past year. Thank you for all your support. We will be back.” – Steep Hill in a Thursday social media post

In an email to the Juneau Empire, David Kennedy, spokesman for Wells Fargo in Alaska, attributed the bank’s action to cannabis’ status as a Schedule I drug under federal law.

“It is currently Wells Fargo’s policy not to knowingly bank marijuana businesses, based on federal laws under which the sale and use of marijuana is still illegal.” – Kennedy to the Empire

Anchorage’s CannTest and Wasilla’s New Frontier Research are now tasked with testing cannabis products for all of the state’s operators. New Frontier has not yet held its grand opening but is already accepting samples for testing after its license was finalized Mar. 14.

Alaska Marijuana Control Board member Brandon Emmett told the Empire that he expects the effects of the closure will be limited because CannTest has the capacity to handle the state demand.

“The businesses that use Steep Hill are going to be inconvenienced … obviously Steep Hill is going to be extremely inconvenienced, but as far as the industry as a whole is concerned, I don’t think it will be a major issue.” – Emmett to the Empire

Steep Hill CEO Brian Coyle said Wells Fargo should follow Alaskan laws if they are going to do business in the state.

“To me, Wells Fargo is the real bad guy here. They could give a shit about Alaska. Only 700,000 people in Alaska; that’s less than the city of San Francisco.” – Coyle to the Empire

Steep Hill was one of the first two labs licensed by the state.

Do you own a cannabis industry business? Create a listing in our directory and get discovered by new clients - Click Here
.

Tags: , , , , | Categories: Cannabis Business News Medical Marijuana News Recreational Cannabis News

Learn about cannabis businesses:

View the directory | Get featured here

  • HempStaff

    HempStaff is an industry leader in Marijuana Industry Recruiting and Dispensary Training. We strive to find the perfect match for Employers and Employees in the Cannabis Industry. From Dispensary Managers and Master Growers to Cannabis Chefs and Trimmers, we find the right match for both our clients and candidates. We are currently working with marijuana business owners across America to help them locate qualified employees as well as providing Dispensary Training for the entry level employee in states with new markets.

  • CannaPlanners

    CannaPlanners is a full service design and web agency, dedicated to normalizing the cannabis industry through professional and beautiful design services. From logos to packaging design, trade-show materials to t-shirts and hats - we've got all your creative needs covered. Our turnkey WordPress site builder allows for great-looking sites at affordable rates. Let our creative team tell your story!

  • TRIM Media House

    TRIM Media House is a full-service digital marketing agency with a heavy focus in visual content creation, website design, photography, and videography. If you are trying to navigate the digital arena when it comes to your brand, we would love to talk to you!

  • 4blooms

    4blooms is San Diego’s first marijuana-specific marketing agency. The agency works with businesses involved in all aspects of the cannabis industry across the U.S., from growers to dispensaries to smoke shops. The team’s deep experience in web development, design and marketing makes 4blooms able to handle all aspects of business operations.

  • The Hybrid Creative

    We are an award-winning, full spectrum creative agency with expertise in cannabis and eCommerce. We have supported the creative strategy and successful growth of cannabis brands such as Care by Design, Korova, Bhang, AbsoluteXtracts, Wildflower, and BDS Analytics. Website design and development, company and product naming, logo design, brand development, brand strategy, packaging, labeling, marketing collateral, sales tool kit collateral, digital marketing strategy, and social media support are a few of the many services we offer. If you’re looking for an experienced, forward-thinking, creative agency with a proven track record of success to elevate your brand and empower your success, welcome to The Hybrid Creative!

  • HerbTools

    HerbTools is one of the largest online head shops specializing in all varieties of smoking accessories. Our bong shop has been distributing products worldwide at competitive rates since 2012. Customer service has always been our key priority and we ensure our products reach every customer in impeccable condition.

  • Cannabis Advising Partners

    Cannabis Advising Partners provides full-service licensing, compliance and business services for cannabis companies in California. Building on over 20 years of experience with CA compliance, we help all types of cannabis companies navigate the new and complex requirements that surround everything from the submission of an annual license to the broad range of intricate ongoing compliance standards that are mandated by law.

  • California Cannabis CPA

    California Cannabis CPA is the premiere CPA firm that helps individuals and companies working in the Cannabis Industry with all tax planning, compliance, preparation, savings, and peace of mind.

  • IndicaOnline

    IndicaOnline is the most trusted Point-of-Sale software in the Medical Marijuana Industry across the U.S. and Canada. Founded in 2010, IndicaOnline combines an intuitive iPad POS software, a user-friendly interface, and an all-in-one hardware unit to accommodate every aspect of a medical marijuana business.

  • Nutraceutical Facility Solutions, LLC

    Nutra FS is a full-service cannabis facility planning and construction management firm. We create successful plans for various permit applications, including administrative, conditional use, building, health, and fire. Our diverse team will help carry you through to your project realization with services offered for cGMP, feasibility, design/build, workflow efficiency, technical writing for local and state applications. You have a vision. We have a solution.

  • Fast Capital Financing

    FCF understands the importance of financial stability to ensure the success of your business. That's why we offer loan options delivered by our expert business advisers so you can worry less about working capital, and more about what really matters - running your business! We work with all credit scores and offer an easy online application. You can receive a decision in as little as 24 hours! Contact us now to speak with one of our business advisers.

  • Distru

    Software built to streamline distribution and manufacturing. Distru provides inventory, order, and customer management for cannabis companies in a centralized platform.

Want a job in the cannabis industry?

Sign up to apply for unlimited jobs and get discovered by companies who are hiring

Post Your Resume View all jobs

Recent Job Postings

Subscribe for daily cannabis news, announcements, and business insights.

Stay informed about the latest cannabis industry news, policy progress, and business developments.